EXPLANATORY STATEMENT
Customs By-law No. 2100072
Customs Act 1901
Section 271 of the Customs Act 1901 (the Act) provides, in part, that where an item of a Customs Tariff is expressed to apply to goods, or to a class or kind of goods, as prescribed by by-law, the Comptroller‑General of Customs may make by-laws for the purposes of that item.
A Customs Tariff is defined in section 4 of the Act to mean an Act imposing duties of customs. The Customs Tariff Act 1995 (the Customs Tariff Act) is an Act imposing duties of customs, and is therefore a Customs Tariff for the purposes of the Act.
Section 18 of the Customs Tariff Act provides for calculation of concessional duty.
Background
For the purposes of item 21 to Schedule 4 to the Customs Tariff Act, goods, as prescribed by by-law, that are imported into Australia for repair or alteration, and are to be re-exported, are dutiable at the rate of ‘Free’.
Instrument
By-law No. 2100072 prescribes superyachts that are imported into Australia for repair or alteration under security, and are to be re‑exported. For the purposes of this by‑law the definition of ‘superyacht’ is intended to capture the same goods as Migration (LIN 19/084: Definition of a Superyacht) Instrument 2019.
The application of By‑law No. 2100072 is subject to the condition that the superyacht be re‑exported within 12 months of the date of entry for home consumption;
Consultation
The Department of Agriculture, Water and the Environment, the Department of Industry, Science, Energy and Resources, the Department of Infrastructure, Transport, Regional Development and Communications, the Department of the Treasury and the Australian Taxation Office were consulted on the development and design of this by-law.
Commencement
By-law No. 2100072 commences on 14 May 2021.